Alpha Bank: Funding of the ELPE digital transformation program

HELPE Digital S.A., a 100% subsidiary of Hellenic Petroleum, signed a loan agreement with Alpha Bank for the financing of the Hellenic Petroleum Group’s digital transformation program – with the participation of the Recovery and Resilience Fund (TAA) – yesterday Tuesday Holdings S.A.

The financing will be carried out through the issuance of a joint bond loan of €33.4 million, with a duration of 15 years, with the participation of TAA and Alpha Bank, and will cover 80% of the digital transformation investment program, as announced by Alpha Bank.

The overall digital transformation investment plan of the ELPE Group, as approved and implemented since July 2020, concerns the following areas of activity:

• The Digital Enterprise, with individual areas of supply chain management, infrastructure maintenance, optimal energy management, digital operations and Refinery performance management,

• Digital Commerce, with a series of improvements in the functions of Commerce and foreign subsidiaries, as well as the introduction and development of a loyalty platform,

• Digital central services, which include projects in the financial services and Group procurement sectors, as well as

• Series of actions for the Digital modernization of the Group’s central systems (ERP) and the strengthening of Cyber ​​Security.

Present at the signing ceremony of the financing contract were the Commander of the Special Coordination Service of the Recovery Fund, Mr. Nikos Mantzoufas, the General Director of Wholesale Banking of Alpha Bank, Mr. Yiannis Emiris, the Director of the Wholesale Banking Credit Department of Alpha Bank, Mrs. Georgia Farmaki, the Director of Alpha Bank’s Corporate Banking Division, Mr. Alexandros Kriezis-Carrer, while the ELPE Group was represented by Group CFO Mr. Vassilis Tsaitas, as well as the CEO of HELPE DIGITAL and General Director of IT & Digital Transformation of the Group, Mr. Leonidas Kovaios.

THE General Manager Wholesale Banking of Alpha Bank, Mr. Yiannis Emiris stated in this regard: “We are particularly happy to practically support, in collaboration with TAA, the ELPE Group in its journey towards the new Digital Era. The importance of this project is twofold, firstly because it contributes to the goal of the digital transition of the Greek economy, in accordance with the National Recovery and Resilience Plan “Greece 2.0”, and secondly because it is a step forward in the direction of the energy transition, towards a more efficient energy sector – especially in light of the response to the evolving energy and climate crisis.

Alpha Bank, the No. 1 bank in business financing in the country, reaffirms its commitment to support similar development projects with multiplier benefits for all.”

THE Commander of the Special Coordination Service of the Recovery Fund, Mr. Nikos Mantzoufas noted: “This is a very important digital transformation investment, which focuses, both on the issue of cyber security and on issues related to the digital business and the digital modernization of systems and processes. And in this case it is demonstrated that the Recovery Fund strongly supports the digital transformation of businesses which is a critical factor for their competitiveness”.

On his part, Mr Group CFO of Hellenic Petroleum Group Mr. Vassilis Chaitas commented: “In the context of the “Vision 2025″ strategy, ELPE Group is proceeding with the implementation of an ambitious Digital Transformation program that enhances a wide range of activities, with significant expected operational and financial benefits and particularly encouraging results from the first period of its implementation. By signing today’s agreement, we are making the most of a highly attractive and long-term financing mechanism, with the support of Alpha Bank and TAA, which will allow us to accelerate our investment program.”